Gambia, The Economy Profile 2008

Economy - overview

The Gambia has no confirmed mineral or natural resource deposits and has a limited agricultural base. About 75% of the population depends on crops and livestock for its livelihood. Small-scale manufacturing activity features the processing of peanuts, fish, and hides. Reexport trade normally constitutes a major segment of economic activity, but a 1999 government-imposed preshipment inspection plan, and instability of the Gambian dalasi (currency) have drawn some of the reexport trade away from The Gambia. The Gambia's natural beauty and proximity to Europe has made it one of the larger markets for tourism in West Africa. The government's 1998 seizure of the private peanut firm Alimenta eliminated the largest purchaser of Gambian groundnuts. Despite an announced program to begin privatizing key parastatals, no plans have been made public that would indicate that the government intends to follow through on its promises. Unemployment and underemployment rates remain extremely high; short-run economic progress depends on sustained bilateral and multilateral aid, on responsible government economic management, on continued technical assistance from the IMF and bilateral donors, and on expected growth in the construction sector.

GDP (purchasing power parity)

$1.338 billion (2007 est.)

GDP (official exchange rate)

$379 million (2007 est.)

GDP - real growth rate

7% (2007 est.)

GDP - per capita (PPP)

$800 (2007 est.)

GDP - composition by sector

agriculture: 32.8%
industry: 8.7%
services: 58.5% (2007 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: 1.8%
highest 10%: 37% (1998)

Inflation rate (consumer prices)

3.5% (2007 est.)

Investment (gross fixed)

27.7% of GDP (2007 est.)

Labor force

400,000 (1996)

Labor force - by occupation

agriculture: 75%
industry: 19%
services: 6% (1996)

Unemployment rate

NA%

Distribution of family income - Gini index

50.2 (1998)

Budget

revenues: $160.4 million
expenditures: $165.7 million (2007 est.)

Industries

processing peanuts, fish, and hides; tourism, beverages, agricultural machinery assembly, woodworking, metalworking, clothing

Industrial production growth rate

-2.3% (2007 est.)

Electricity - production

145 million kWh (2005)

Electricity - consumption

134.9 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

2,030 bbl/day (2005 est.)

Oil - imports

2,050 bbl/day (2004)

Oil - exports

41.5 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$31.69 million (2007 est.)

Agriculture - products

rice, millet, sorghum, peanuts, corn, sesame, cassava (tapioca), palm kernels; cattle, sheep, goats

Exports

$147.7 million f.o.b. (2007 est.)

Exports - commodities

peanut products, fish, cotton lint, palm kernels, re-exports

Exports - partners

India 38.6%, UK 15.9%, Indonesia 7.9%, France 7%, Italy 4.6% (2006)

Imports

$276 million f.o.b. (2007 est.)

Imports - commodities

foodstuffs, manufactures, fuel, machinery and transport equipment

Imports - partners

China 25.2%, Senegal 11.3%, Cote d'Ivoire 8.1%, Brazil 6.6%, Netherlands 4.5%, UK 4% (2006)

Reserves of foreign exchange and gold

$119.9 million (31 December 2007 est.)

Debt - external

$628.8 million (2003 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$58.15 million (2005)

Currency (code)

dalasi (GMD)

Exchange rates

dalasi per US dollar - 27.79 (2007), 28.066 (2006), 28.575 (2005), 30.03 (2004), 27.306 (2003)

Fiscal year

calendar year